N.S.W. SAVINGS BANK.

Star (Christchurch), Volume XLIV, Issue 192, 14 August 1931, Page 1

N.S.W. SAVINGS BANK.

Finance Arranged for the Future. TRUSTEES CONSENT TO ACT. T ~nited Press Assn.—By Electric Telegraph—Copyright. SYDNEY, August 13. The movement for the resuscitation of the New South Wales Government Savings Bank is taking definite shape. An announcement has been made that the Government has obtained the consent of four prominent business men who are prepared po act as trustees of the proposed reconstructed bank, and that upwards of £15,000,000 of London money is believed to be on offer from the Midland Bank. Well informed people, however, are of the opinion that the necessary financial accommodation will be arranged locally. A Bill for the reconstruction of the bank will be introduced in the Assembly next week. The Savings Band suspended payment on April 23. Since then the Commonwealth Bank has been making advances to depositors in necessitous cases. Recently negotiations for the absorption of the Savings Bank by the Commonwealth fell through owing to the State Government not being prepared to accede to the terms demanded by the bank. AN ABSOLUTE DENIAL. Midland Bank is not Providing Capital. (Received August 14, 11 a.m.) LONDON, August 13. The Australian Press Association learns that the report that the Midland Bank had offered to assist in providing funds for the New South Wales Sav- j ings Bank is absolutely without founda- j tion.